When do you have to start paying taxes and ... - Finance information

Question by jack skellington : When do you have to start paying taxes and what is an audit ?
I?m only 18th I?ve heard so much about people paying taxes and how stressful it is and I was wondering when do people become required to start paying taxes? And, in a nutshell, what is an audit? Best answer:

answer by the tax lady
It?s based on income.Even some babies have to pay taxes (say if they model in a commercial).As a dependent, you filing requirement beings with more than $ 900 of investement income, or more than $ 5,700 in wages, or more than $ 400 of self-employment income or wages plus more than $ 300 of investment income.As far as audit goes on, these are when people claim adjustments, deductions, or credits and the IRS asks them to prove they were eligible for the item. I assume I am audited every year, every item on my return Sun is one binder with the taxes. If I?m asked to show how I calculated a number (say charity donations), I whip out that section of the binder, fax a copy in, end of story.

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